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How Salesforce can streamline your financial services company

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Posted on Oct 23, 2020
by Himanshu Chate ( Sr. Manager Business Development)

How Salesforce can streamline your financial services company

The days of sighting customers in a bank is going to become a rare occasion. Online banking has seen a rise in recent time and the Covid-19 crisis is only accelerating the adoption of remote banking services. Customers these days are not only particular about what they want, they also want to avail financial services when they want and through the channel of their choice.

One of the major challenges for the financial institutions is how to enhance customer service experience in every interaction with every department. With changes in customers’ financial needs, increased competition from other FinTech firms, financial services institutions are heading towards true digitalization. Below are the some of the most common challenges faced by financial institutions mainly from the CRM perspective,

  1. Pressure to retain profitable customers, increase productivity.
  2. Compliance to various regulations such as FATCA, KYC, CDD and EDD.
  3. Personal banking, Wealth management business needs hyper personalization.
  4. Highly transactional nature of the financial institutions warrants CRM to support core transactions such as fund transfers, account onboarding, case escalation, customer profile changes, and loan origination etc.
  5. Integrating front, mid and back office systems to provide analytics-based insights.

Continuous innovation and new technologies are disrupting the financial services market, specifically customer relationship management (CRM) software like Salesforce. With CRM solutions from Salesforce, banking and financial institutions can create personal experiences that build customer trust and loyalty. It offers a unique financial advisor software to provide integrated sales, service and marketing solutions that are breaking down silos and helping create a cohesive, personalized customer experience across all departments, and through all channels of communication. Here's how several financial institutions are utilizing various clouds offered by Salesforce -

  • Sales Cloud: to improve the lead-to-account cycle.
  • Marketing Cloud: for help with (data-compliance) marketing automation.
  • Service Cloud: to improve customer support and increase customer satisfaction.
  • Community Cloud: to provide customers with self-service options and account portals.
  • Einstein AI: to improve internal decision making and create a better customer experience.

To make the most out of your Salesforce, it is highly recommended to get associated with an implementation partner like Aress which is crucial.

Here's what Aress offers -

  • Provide consultative approach to your CRM needs.
  • Commitment to Salesforce platform through people, accelerators and tools/IP.
  • Understanding and appreciation of financial services and implementation challenges.
  • Presence with proven onshore-offsite delivery model.
  • Time tested implementation methodology.

The result? Your financial institution gets the best solution in the most reasonable time frame possible. 

Category: Salesforce

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